Corridor Resources Inc.
TSX : CDH

Corridor Resources Inc.

November 03, 2014 07:30 ET

Update on Anticosti Island Operations

HALIFAX, NOVA SCOTIA--(Marketwired - Nov. 3, 2014) - Corridor Resources Inc. (TSX:CDH) ("Corridor" or the "Company") announced today an update on its joint venture operations on Anticosti Island, Québec. Corridor has a 21.67% in the Anticosti Island joint venture with the Government of Québec (through its affiliate, Ressources Québec), Pétrolia Inc. and Saint-Aubin E&P Québec Inc. The first phase of the joint venture's exploration program on Anticosti Island consists of drilling 15-18 stratigraphic corehole wells followed by three wells with multiple fracture stimulations. The program, operated by Pétrolia Inc., is designed to further explore the Macasty formation, which is the lateral equivalent of the Utica formation in Eastern Ohio.

To date, four stratigraphic corehole wells have been drilled into the Macasty formation. The Company expects that one to two additional wells will be completed in the next few weeks. The Company is encouraged as the core obtained from these wells has had positive indications of the presence of hydrocarbons. All the cores have been sent for laboratory analysis which will be conducted in the coming months. The thickness of the Macasty formation has been observed as follows:

Well Location Macasty Formation Thickness
Chicotte 67.5 meters
Lac-Martin 30 meters
Jupiter-South 60 meters (1)
Bell 13 metres
Note:
1) This well is currently drilling and thickness of 60 meters is observed to date.

The first phase of the exploration program was initially planned to begin in May 2014, however, due to the adoption of a new regulatory framework the program's start date was delayed to July 2014. Once the current operations are completed, the program will be temporarily suspended during the winter season. Most of the equipment will stay on Anticosti Island so that the program can resume in the spring of 2015. As well, 15 site locations have already been prepared, which will expedite the resumption of operations in the spring. We expect that the remainder of the stratigraphic corehole program will be completed during the summer of 2015. The results of all the cores will help assess the rock quality and determine the optimal location for the three test wells. The three test wells will be drilled and fracture stimulated as soon as possible thereafter.

Corridor is an Eastern Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and Québec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick and crude oil reserves in the Caledonia Field near Sussex, New Brunswick. In addition, Corridor has contingent resources and discovered unrecoverable resources in Elgin, New Brunswick and has a 21.67% interest in a joint venture which has undiscovered resources on Anticosti Island, Québec.

Forward Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to: plans of the Anticosti joint venture; the plans for the program, including testing, drilling and fracturing, the timing of such program and the objectives of such program; and the characteristics of the Macasty formation.

Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders.

Forward-looking statements are based on the terms of the agreements governing the Anticosti joint venture and Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor including information concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas commodity prices, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities and the terms of agreements with third parties, such as Corridor's forward sales and transportation agreements and the Anticosti joint venture. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. These factors may be found under the heading "Risk Factors" in Corridor's Annual Information Form for the year ended December 31, 2013.

The forward-looking statements contained in this press release are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Contact Information

  • Corridor Resources Inc.
    Steve Moran
    President and CEO
    (902) 429-4511
    (902) 429-0209 (FAX)
    www.corridor.ca